The global COVID-19 pandemic is spelling trouble for Newfoundland and Labrador’s oil and gas industry, adding to existing economic challenges in the cash-strapped province.
Premier Dwight Ball acknowledged on Wednesday the province is experiencing “tough times,” referencing deferred investment on projects and historic lows in oil prices.
Earlier that day, Equinor and Husky Energy announced the decision to defer the Bay du Nord offshore development project due to falling oil prices and economic downturn as countries respond to the novel coronavirus.
A statement from Equinor Canada says planning on the project will continue with adjusted timelines. The project in the Flemish Pass Basin, about 500 kilometres east of St.